Legal Question in Business Law in India
Starting vertical business in the same partnership company
Can I start another vertical business under the same partnership company?
Does that mean that my partners will become auto partners in new vertical?
And how is the loss profit liability will be handled?
3 Answers from Attorneys
Re: Starting vertical business in the same partnership company
You can start a vertical business under the same parntership business. Yes, all the partners of the original business will become the partners in the new business. Profit will be shared according to the existing profit sharing ration amongst the partners.
We suggest to avoid the above you can start a new business without involving the existing partnership.
Re: Starting vertical business in the same partnership company
1)Yes
2)Yes
3)As per partnersip deed of existing business
Re: Starting vertical business in the same partnership company
The new business of the partnership firm will form part of the existing entity. However, you may start your own business without involving the existing firm.
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